The deal paves the way for the fast-growing venture to go public as it expands its footprint in the US and overseas, particularly in China.

Propelled by a monthly subscription service for diapers, Honest Co. is on track to rack up $150 million in sales this year — triple last year’s business, co-founder and CEO Brian Lee told the Wall Street Journal, which first reported the valuation.

The firm has likewise been growing through sales of nontoxic bath and skin-care products, dietary supplements and designer-branded clothing.

While Honest Co. still gets 80 percent of its revenue online, it has cut retail distribution deals recently with Whole Foods, Costco, Target and Nordstrom.

“This funding will enable us to expand our current category offerings and availability, and develop products across many new and exciting categories,” said Lee.

The company’s “feel-good” business plan also includes donations of diapers and cribs, similar to the “buy one, donate one” model of startups like Warby Parker and Toms Shoes.

The company has been forced to hold back marketing efforts because it’s at capacity fulfilling orders, Lee said.

The equity raise follows an earlier round in 2012 that raised $52 million, the company said. Backers in the latest round, led by Wellington Management, included Institutional Venture Partners, Iconiq Capital, Lightspeed Venture Partners and General Catalyst Partners.